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ROBERT L. EHRLICH, JR., Governor Ch. 509
(H) (G) "FORECLOSURE SURPLUS ACQUISITION" MEANS A TRANSACTION
INVOLVING THE TRANSFER, SALE, OR ASSIGNMENT OF THE SURPLUS REMAINING
AND DUE THE HOMEOWNER BASED ON THE AUDIT ACCOUNT DURING A
FORECLOSURE PROCEEDING.
(I) (H) (1) "FORECLOSURE SURPLUS PURCHASER" MEANS A PERSON WHO
ACTS AS THE ACQUIRER BY ASSIGNMENT, PURCHASE, GRANT, OR CONVEYANCE OF
THE SURPLUS RESULTING FROM A FORECLOSURE SALE.
(2) "FORECLOSURE SURPLUS PURCHASER" INCLUDES A PERSON WHO
ACTS IN JOINT VENTURE OR JOINT ENTERPRISE WITH ONE OR MORE ACQUIRERS.
(J) (I) "HOMEOWNER" MEANS THE RECORD OWNER OF A RESIDENCE IN
FORECLOSURE, OR AN INDIVIDUAL OCCUPYING THE RESIDENCE UNDER A USE AND
POSSESSION ORDER ISSUED UNDER TITLE 8, SUBTITLE 2 OF THE FAMILY LAW
ARTICLE, AT THE TIME AN ORDER TO DOCKET OR A PETITION TO FORECLOSE IS
FILED.
(K) (J) "RESIDENCE IN FORECLOSURE" MEANS RESIDENTIAL REAL
PROPERTY CONSISTING OF NOT MORE THAN FOUR SINGLE FAMILY DWELLING
UNITS, ONE OF WHICH IS OCCUPIED BY THE OWNER, OR THE OWNER'S SPOUSE OR
FORMER SPOUSE UNDER A USE AND POSSESSION ORDER ISSUED UNDER TITLE 8,
SUBTITLE 2 OF THE FAMILY LAW ARTICLE, AS THE INDIVIDUAL'S PRINCIPAL PLACE
OF RESIDENCE, AND AGAINST WHICH AN ORDER TO DOCKET OR A PETITION TO
FORECLOSE HAS BEEN FILED.
7-302.
(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, THIS
SUBTITLE DOES NOT APPLY TO:
(1) AN INDIVIDUAL ADMITTED TO PRACTICE LAW IN THE STATE, WHILE
PERFORMING ANY ACTIVITY RELATED TO THE INDIVIDUAL'S REGULAR PRACTICE OF
LAW IN THE STATE; OR
(2) A PERSON WHO HOLDS OR IS OWED AN OBLIGATION SECURED BY A
LIEN ON ANY RESIDENCE IN FORECLOSURE WHILE THE PERSON PERFORMS
SERVICES IN CONNECTION WITH THE OBLIGATION OR LIEN, IF THE OBLIGATION OR
LIEN DID NOT ARISE AS A RESULT OF A FORECLOSURE RECONVEYANCE;
(3) (I) A PERSON DOING BUSINESS UNDER ANY LAW OF THIS STATE
OR THE UNITED STATES REGULATING BANKS, TRUST COMPANIES, SAVINGS AND
LOAN ASSOCIATIONS, CREDIT UNIONS, OR INSURANCE COMPANIES, WHILE THE
PERSON PERFORMS SERVICES AS A PART OF THE PERSON'S NORMAL BUSINESS
ACTIVITIES; AND
(II) ANY SUBSIDIARY, AFFILIATE, OR AGENT OF A PERSON
DESCRIBED IN ITEM (I) OF THIS ITEM, WHILE THE SUBSIDIARY, AFFILIATE, OR AGENT
PERFORMS SERVICES AS A PART OF THE SUBSIDIARY'S, AFFILIATE'S, OR AGENT'S
NORMAL BUSINESS ACTIVITIES;
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- 2993 -
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